Laurence D. Fink

For most of a generation, Democrats have divided into two broad camps on economic policy. There are "growth Democrats," who argue that a rising tide will lift all boats; that was the reigning view during the Bill Clinton administration under Treasury Secretaries Robert Rubin and Lawrence H. Summers. And there are "fairness Democrats," who argue that the central problem is inequality. That's the view of the party's progressive wing, led today by Sen. Elizabeth Warren of Massachusetts and Sen. Bernie Sanders of Vermont. As she began spelling out her views for the 2016 presidential campaign, Hillary Rodham Clinton faced a choice: Which Democrat was she going to...